How many houses do you own? No matter what your answer is, it’s probably not as many as Bill McMachen.

McMachen bought 650 tax-foreclosed homes throughout Macomb County last week for a total of $4.8 million. When you break it down, McMachen paid an average cost of $7,400 per house. While McMachen was obviously happy with his investment, many others weren’t.

Over 300 consumers and other investors were left out in the cold after McMachen was awarded the properties. Macomb County sold the properties to McMachen for only the price of the taxes that were owed on each property. According to an anonymous investor, Macomb County could have made up to triple the money had they been sold individually.

McMachen hopes to make back $2 million by flipping some homes, while he plans to donate others to families in need.

The National Association of Realtors announced today that existing home sales in March increased 6.8 percent as compared to February 2010. While home sales were up, the inventory of unsold homes also rose 1.5 percent to 3.58 million units, representing an 8.0 month supply.

Did you read my last post about questions to ask a potential home inspector? Well, this week I provide a checklist to give you an idea of things that are and aren't typically inspected. This will help you learn more about your new home, find any potential deal breakers as…